The city is recommending that a $2.8 million renovation to a vacant heritage building on lower Main Street get a financial boost in the form of a Community Improvement Plan grant worth $150,000.
The plan for 15 Main St. is one of three requests coming to council next week for CIP funding, a financial incentive program approved by council in July to improve commercial buildings in the core areas of Galt, Preston and Hespeler.
The renovation qualifies for a Mixed Use Conversion and Restoration Grant since it will update existing ground-floor commercial units, add two new commercial spaces, and create 12 new housing units on the upper floors.
Boardwalk Tower Inc., the developer responsible for renovating 60 Main Street and 52 Main Street, purchased the building in late 2020.
The city says Boardwalk Tower has been “working diligently” with Economic Development and Planning Division staff since then as their plans for the property evolved.
Built in 1862 in the aftermath of a major fire, the designated property, in what's known as the Granite Block because of its distinguished stone facade, served as a department store for much of its life.
“Prior to the addition of the fourth floor, with the elegant arched windows, people would park their carriages on the barely paved street and shop at Wilkinson’s,” reads a report prepared by economic development officer Michael Marini.
The ground floor retail space later became Walkers and was home to British retailer Marks & Spencer before the space was divided up in the '70s to house a denture clinic, optician and clothing stores. The building is part of the Main Street Heritage Conservation District Plan created 1984.
The renovation “will visually enhance this historic property and breathe new life into the building that has been vacant for more than 10 years,” he wrote.
Marini says “the condition of the buildings and the prominent location has been an outstanding issue in the downtown and the City’s renewal efforts.”
Surrounding property owners and the Downtown Cambridge Business Improvement Area have all expressed a desire to see this property renovated and occupied in an effort to revitalize the area, he wrote.
“This type of use and the employment and housing it brings, matches the City’s goal of having more people (residents, employees and tourists) in the downtown and will create spill-over effects in terms of support to the surrounding business community.”
Staff is also recommending approval of CIP grants for a $300,000 renovation to the former home of Queen Street Music in Hespeler Village.
The new owners of 27 Queen St. are converting the two-storey building into office space, including an insurance office on the main floor. They are applying for grants totalling $128,820 through the city’s Commercial Property Improvement Grant (CPIG) and the Commercial Building Restoration, Renovation and Improvement Grant Program.
Economic development staff say they support the application “because the building is in need of a face lift and the new façade will improve the paint on the building and create a new entrance way on the street.”
The owners are also looking at replacing a mural on the side of the building “to create a better aesthetic in Hespeler.”
Staff estimate that between the two properties, the city's investment through the respective grants "stimulates private sector investment of $3.1 million" and will have "a significant impact on the City’s efforts to promote vibrant and inviting downtown cores by encouraging partnerships, as set out in the updated Strategic Plan."
